7,783 Shares in Simon Property Group, Inc. (NYSE:SPG) Bought by Frank Rimerman Advisors LLC

Frank Rimerman Advisors LLC acquired a new position in shares of Simon Property Group, Inc. (NYSE:SPG) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 7,783 shares of the real estate investment trust’s stock, valued at approximately $1,181,000.

A number of other hedge funds have also recently made changes to their positions in the stock. Diligent Investors LLC lifted its stake in shares of Simon Property Group by 0.5% during the 2nd quarter. Diligent Investors LLC now owns 13,740 shares of the real estate investment trust’s stock worth $2,086,000 after purchasing an additional 68 shares during the last quarter. Augustine Asset Management Inc. lifted its stake in shares of Simon Property Group by 3.8% during the 2nd quarter. Augustine Asset Management Inc. now owns 1,859 shares of the real estate investment trust’s stock worth $282,000 after purchasing an additional 68 shares during the last quarter. TIAA Trust National Association increased its position in Simon Property Group by 3.7% during the 1st quarter. TIAA Trust National Association now owns 1,913 shares of the real estate investment trust’s stock valued at $299,000 after buying an additional 69 shares in the last quarter. Inspire Advisors LLC increased its position in Simon Property Group by 1.7% during the 1st quarter. Inspire Advisors LLC now owns 4,126 shares of the real estate investment trust’s stock valued at $646,000 after buying an additional 70 shares in the last quarter. Finally, Capital Advisors Ltd. LLC increased its position in Simon Property Group by 26.9% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 344 shares of the real estate investment trust’s stock valued at $52,000 after buying an additional 73 shares in the last quarter. 93.01% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on SPG shares. Truist Financial upped their target price on Simon Property Group from $147.00 to $158.00 and gave the company a “hold” rating in a research report on Wednesday, August 28th. Scotiabank upped their target price on Simon Property Group from $152.00 to $169.00 and gave the company a “sector perform” rating in a research report on Monday, August 26th. Argus upped their target price on Simon Property Group from $157.00 to $168.00 and gave the company a “buy” rating in a research report on Tuesday, June 11th. Piper Sandler reaffirmed a “neutral” rating and set a $175.00 target price (down from $190.00) on shares of Simon Property Group in a research report on Tuesday, September 3rd. Finally, Evercore ISI raised Simon Property Group from an “in-line” rating to an “outperform” rating and increased their price objective for the company from $160.00 to $172.00 in a report on Monday, September 16th. Six analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $162.78.

Simon Property Group Stock Down 0.3 %

Shares of SPG stock opened at $166.55 on Monday. The stock’s 50-day simple moving average is $159.20 and its 200-day simple moving average is $152.14. The company has a debt-to-equity ratio of 7.53, a quick ratio of 2.04 and a current ratio of 2.04. The firm has a market capitalization of $54.29 billion, a PE ratio of 21.22, a P/E/G ratio of 9.04 and a beta of 1.74. Simon Property Group, Inc. has a fifty-two week low of $102.11 and a fifty-two week high of $169.18.

Simon Property Group (NYSE:SPG) last posted its earnings results on Monday, August 5th. The real estate investment trust reported $1.51 EPS for the quarter, missing the consensus estimate of $2.93 by ($1.42). The company had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.30 billion. Simon Property Group had a return on equity of 78.14% and a net margin of 45.90%. The firm’s revenue was up 4.8% on a year-over-year basis. During the same period last year, the business earned $2.88 earnings per share. Equities analysts expect that Simon Property Group, Inc. will post 12.85 earnings per share for the current year.

Simon Property Group Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Monday, September 9th will be issued a dividend of $2.05 per share. This represents a $8.20 annualized dividend and a yield of 4.92%. This is a positive change from Simon Property Group’s previous quarterly dividend of $2.00. The ex-dividend date is Monday, September 9th. Simon Property Group’s dividend payout ratio (DPR) is 104.46%.

Insider Buying and Selling

In related news, Director Reuben S. Leibowitz bought 486 shares of the company’s stock in a transaction that occurred on Friday, June 28th. The shares were purchased at an average cost of $150.17 per share, with a total value of $72,982.62. Following the completion of the acquisition, the director now directly owns 55,001 shares in the company, valued at $8,259,500.17. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 8.50% of the stock is owned by corporate insiders.

Simon Property Group Company Profile

Simon Property Group, Inc (NYSE:SPG) is a self-administered and self-managed real estate investment trust (REIT). Simon Property Group, L.P., or the Operating Partnership, is our majority-owned partnership subsidiary that owns all of our real estate properties and other assets. In this package, the terms Simon, we, our, or the Company refer to Simon Property Group, Inc, the Operating Partnership, and its subsidiaries.